FMC breaks below prior session low
FMC Corporation (FMC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
FMC ended the week -0.03% lower at 87.76 after tanking $2.48 (-2.75%) today. This is the biggest single day loss in over four months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 89.14, FMC Corporation confirms its breakout through the prior session's low having traded $1.79 below it intraday.
Daily Candlestick Chart (FMC as at Aug 10, 2018):
Friday's trading range was $1.90 (2.13%), that's slightly above last trading month's daily average range of $1.80. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 87.17. Breaking below the key support level at 88.71 today, it is now likely to act as resistance going forward. After trading as low as 87.35 during the day, the share found support at the 200-day moving average at 87.71.
Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock broke below the 50-day moving average at 88.40 today for the first time since August 1st.
Selling might accelerate should prices move below the nearby swing low at 86.89 where further sell stops could get triggered.